(NewsNation) — In more than 230 U.S. cities, $1 million is only enough for a starter home, according to a new report.
A Zillow analysis found that the typical “starter home” was worth at least $1 million in 233 cities as of March. That’s a huge jump from five years ago, when just 85 cities had million-dollar starter homes.
“First-time buyers are facing a market where prices that once seemed unimaginable have become reality,” Kara Ng, senior economist at Zillow, said in a statement.
America’s housing shortage by the numbers
Nationally, the typical starter home is still relatively affordable at $192,514, but Zillow’s findings underscore just how dramatically prices have surged in many areas since the pandemic.
Zillow defined starter homes as those in the lowest third of home values within a region.
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